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SAN FRANCISCO – Microsoft Corp. (MSFT.O) regained its position as America's second largest company after a disappointing quarterly report released by Amazon.com (AMZN.O), which wiped $ 65 billion off the retailer's market capitalization. line.
Apple Inc. (AAPL.O) tops the list to more than $ 1 trillion after crossing this threshold in September. Microsoft's market capitalization was highest on Wall Street between late 1998 and early 2000, before the burst of the Internet bubble.
Amazon shares fell by 7%, a record for nearly three years after the holiday sales outlook failed to deliver, raising fears that Wall's techies Street are finally starting to face increased competition.
Microsoft lost 1.1% more modest in a technology sell-off, also driven by a weaker-than-expected report from Google-parent Alphabet Inc. (GOOGL.O), leaving the Nasdaq composite index down 1, 9% Friday night. afternoon.
(Chart: Market Capitalization – Apple, Amazon and Microsoft – tmsnrt.rs/2ORT0Yq)
Shares of Microsoft remain up nearly 4% from Wednesday, as the ten-year-old software company surpassed its quarterly earnings forecast, driven by its cloud computing business that rivals that of Amazon.
Its stock market value on Friday stood at $ 823 billion, poised to move closer to Amazon's for the first time since April, when it sold its second-largest market capitalization position.
Amazon rose to $ 805 billion Friday, after falling below Microsoft's trading level on Thursday. The decrease was equivalent to the combined values of Target Corp (TGT.N) and Corning Inc (GLW.N).
Amazon's plunge has left it up about 40% since the beginning of the year, while Microsoft has gained about 25% in 2018. On Wednesday, the shares of 39, Amazon traded at the equivalent of 70 times the expected earnings, its lowest level since 2011.
The average target price of analysts for Microsoft sets its market capitalization at $ 963 billion, while the average target price for Amazon is valued at $ 1,068 billion.
Apple will release its quarterly results on November 1st.
(Chart: PT analysts for the most important technology stocks – tmsnrt.rs/2RkFKIF)
Reuters
Reportage of Noel Randewich in San Francisco; edited by Richard Chang
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